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Last month, Bank of America announced a pilot program that will provide some distressed property homeowners with a new foreclosure alternative. This new “Mortgage to Lease” program will allow homeowners facing foreclosure to remain in their homes by converting from home ownership to rental. In this program, participating homeowners will transfer their home titles to [...]
The Obama administration announced its latest plan to help troubled homeowners, enabling an estimated 3.5 million underwater mortgage holders to refinance at today’s historically-low interest rates. However, experts speculate the proposal—which is expected to cost up to $10 billion and would be paid for by imposing a fee on major banks—could have a difficult time [...]
Yesterday, the Justice Department and 49 out of 50 state Attorneys General announced a settlement agreement with 5 of the nation’s largest banks in the Robo-signing and Mortgage Service Fraud scandal that first came to light in late 2010. The settlement, worth $25 billion dollars, was the largest government negotiated industry settlement since the Tobacco [...]
On Jan. 4, Federal Reserve Chairman Ben Bernanke sent a letter and white paper to Congress outlining his insights and recommendations on restoring the health of the U.S. housing market. Among the key findings on current market conditions: Housing prices remain 33% below their early 2006 peak Currently, 1 in 5 mortgage holders are underwater [...]
Sometimes we reach our greatest successes when we refuse to accept our failures as just that. In a revealing profile, the Westlake Picayune’s Dale Anderson takes an in-depth look at our founders Alex and Cadey Charfen’s humbling fall into bankruptcy and triumphant rise to success. After riding high on the South Florida housing boom, the [...]
Our CEO Alex Charfen is quoted in a recent New York Post article on the growing popularity of short sales as a viable option for homeowners who are underwater on their mortgages. The article references major lenders—including Bank of America, JPMorgan Chase and Wells Fargo—that are offering cash incentives at closing for distressed homeowners who [...]
(Photo courtesy of IowaPolitics.com) In a recent blog post, CNBC’s Diana Olick slams the Republican presidential candidates’ plans for solving the nation’s housing crisis. Political beliefs aside, Olick makes some astute observations regarding the bank’s preferences for short sales over foreclosures and the important role that Fannie Mae and Freddie Mac play in keeping [...]
Alex appears on Fox News to answer the question “How do we turn the housing market around?”
With all the noise surrounding the “robo-signing scandal” and subsequent foreclosure freeze, it may have taken some by surprise that the banks would issue another “freeze” on their foreclosure processes. But as we predicted, the major banks — as well as Fannie Mae and Freddie Mac — will postpone their foreclosure procedures from Dec 20-Jan [...]
Freddie Mac and Fannie Mae have recently ended their temporary ban on selling foreclosed homes in the latest installment of the “Robo-Signing Scandal.” After cutting ties with the law firm that allegedly forged signatures and hid flawed files from auditors, the two government-sponsored entities (GSEs) have given brokers the green light on marketing foreclosures or [...]
Agents working short sales with Wells Fargo or Wachovia should be aware of some new regulations. With much speculation on this subject in recent weeks, DSNews reported new rules regarding Wells Fargo short sales when foreclosure is within 30 days. The bank’s new policy will allow for only one foreclosure postponement given the following criteria: [...]
that [the foreclosure scandal] is going to lead to a substantial number of foreclosures being permanently forgotten,” Rep. Barney Frank said during Congressional hearings yesterday [reported by the Washington Post]. Strong words from the outgoing chairman of the Financial Services Committee, and even stronger when paired with the new mortgage delinquency numbers. Following are the [...]
Some of the nation’s largest banks will appear before the Senate Banking Committee today to explain their actions regarding the “robo-signing” scandal in which lenders allegedly filed thousands of inaccurate documents in foreclosure cases. This scandal initially led to the recent foreclosure freezes by major lenders. A 125-page report just released by the Congressional Oversight [...]
When homeowners or buyers have real estate questions, will they ask a random agent or one they saw in the newspaper last week? What about one they saw on TV? Appearances in the media – broadcast, newspaper, magazine, online – provide an added element of authority and credibility that is difficult to find anywhere else. [...]
… of course, all of us at the Distressed Property Institute feel our CEO is the MOST influential. But if you think so too, please vote for him. Alex is helping to elevate the standard of service in the real estate industry, and helping real estate agents remain profitable and relevant throughout market changes. As [...]
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